SEC Agrees to Overhaul Recordkeeping After Settling Coinbase Lawsuit Over Gensler’s Lost Texts

The US Securities and Exchange Commission went on a blatant war against the cryptocurrency industry in the past couple of years of Gary Gensler’s tenure, especially following the loud collapse of FTX.

However, the new administration settled most cases, and now it was time for one that was actually initiated by Coinbase. It came with some groundbreaking changes as well.

From Defendant to Plaintiff

The legal disputes between the two parties began in 2023 when the regulator went after the largest US-based crypto exchange. However, the roles reversed a year later when Coinbase, through its research firm History Associates, sued the watchdog after the latter denied requests for internal communications related to its approach to crypto regulation.

The Brian Armstrong-led firm argued that the requested records could shed some light on how the SEC developed its enforcement strategy against crypto companies during the Biden administration, including legal theories underpinning several high-profile lawsuits. Recall that the SEC had sued industry giants like Binance, Ripple, and many others.

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